JPMorgan Chase has formally admitted that it terminated more than 50 accounts connected to President Donald Trump and his business operations in the wake of the January 6th protest.
The admission came in court filings responding to a lawsuit filed by Trump and the Trump Organization.
The suit names JPMorgan and its CEO, Jamie Dimon, of debanking the president as part of an orchestrated political attack.
According to documents submitted to the court, the closures affected accounts tied to Trump hotels, real estate projects, and retail ventures in multiple states, as well as his longstanding private banking relationship.
That relationship had handled personal financial matters, including assets linked to his inheritance.
The bank’s internal correspondence, included in the filing, does not cite a specific violation or financial irregularity.
In a letter dated February 2021, JPMorgan informed Trump that he would need to “find a more suitable institution with which to conduct business.”
“Thank you for your prompt attention to this matter,” it concluded.
The lawsuit alleges the bank “needed to distance itself from President Trump and his conservative political views,” effectively placing him on a blacklist.
“In essence, [JP Morgan] debanked plaintiffs’ accounts because it believed that the political tide at the moment favored doing so,” the lawsuit states.
Hellbound and Down 